Egypt, February, 22 2018 - The Small and Medium Enterprises Development Authority (SMEDA) signed on Thursday cooperation agreements with 14 non-governmental organisations (NGOs) working in the field of microfinance.

The signing of these contracts came within the framework of the SMEDA’s keenness to encourage the establishment of microenterprises and the expansion of their financing. This came in line with the state’s policy towards supporting these projects and providing a variety of financing services to them, thus contributing to solving the problem of unemployment and raising the level of income in the governorates where these projects are implemented.

According to Nevine Gamea, SMEDA head, the authority is always seeking to encourage the establishment of microenterprises in order to improve living conditions and provide more job opportunities. This will take place through the expansion of loans through competent and experience associations and civil institutions contracted by the authority, and spread in villages and neighbourhoods in all governorates.

Gamea recently held an extensive meeting with Mona Zulfikar, chairperson of the Egyptian Federation of Microfinance, in the presence of the heads of the boards of directors and representatives of 40 associations and NGOs.

According to Gamea, this meeting was aimed at developing the institutional capacities of monetary financial institutions (MFIs) and raising their financing capacities, and presenting the possible ways of cooperation between the SMEDA and NGOs.

She added that the the SMEDA’s strategy aims to develop financing programmes and non-financial services to support and develop microenterprises, and pays attention to the microfinance industry as an effective tool to increase the rates of financial inclusion.

“The SMEDA is keen to coordinate efforts with all parties working in the field of small and microenterprises, in order to achieve raising the standards of living of citizens, provide job opportunities, and contribute to the development of the national economy,” said Gamea.

According to Zulfikar, the cooperation protocol signed earlier between the SMEDA and the Egyptian Federation of Microfinance aims to develop the institutional capacities of MFIs, and to develop and strengthen the structure and financing capacities of some enterprises and transfer them from a lower segment to a higher segment.

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